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Strategic Minerals ( (GB:SML) ) has issued an announcement.
Strategic Minerals has raised £4 million through a placing and subscription of 307.7 million new shares at 1.3 pence, with demand from UK and international institutional, family office and ultra-high-net-worth investors, and has also issued 7.5 million shares in lieu of adviser fees, bringing total voting share capital to about 2.68 billion shares. The net proceeds will be used to accelerate development of the Redmoor tungsten-tin-copper project in Cornwall via a 16,000-metre infill drilling programme and expansion of the project team, with drilling expected to commence this quarter and to substantially complete the requirements for a prefeasibility study; management highlights rising tungsten prices, supply constraints and Redmoor’s status as the highest-grade undeveloped tungsten resource in Europe as supportive of fast-tracking the project toward production.
The most recent analyst rating on (GB:SML) stock is a Hold with a £1.50 price target. To see the full list of analyst forecasts on Strategic Minerals stock, see the GB:SML Stock Forecast page.
Spark’s Take on GB:SML Stock
According to Spark, TipRanks’ AI Analyst, GB:SML is a Neutral.
Strategic Minerals’ overall score is driven by strong corporate developments and a solid financial recovery in 2024. However, technical indicators suggest moderate momentum, and the high P/E ratio indicates potential overvaluation. The absence of earnings call data limits insights into management’s outlook.
To see Spark’s full report on GB:SML stock, click here.
More about Strategic Minerals
Strategic Minerals plc is an AIM-quoted international mineral exploration and production company with strategic projects in the UK, United States and Australia. It owns 100% of Cornwall Resources Limited and the Redmoor Tungsten-Tin-Copper Project in Cornwall, operates the Cobre magnetite project in New Mexico as a long-term revenue source, and previously acquired the Leigh Creek Copper Mine in South Australia, reflecting a focus on critical and industrial minerals across several jurisdictions.
Average Trading Volume: 28,564,679
Technical Sentiment Signal: Buy
Current Market Cap: £31.99M
For a thorough assessment of SML stock, go to TipRanks’ Stock Analysis page.